SKALE Completes $5M Token Sale on ConsenSys’ Anti-Speculation Platform

SKALE Completes $5M Token Sale on ConsenSys’ Anti-Speculation Platform

The inaugural project on ConsenSys’ anti-speculation platform, Activate, has completed a sale with roughly 4,000 investors from 90 countries, the companies announced Monday.

Around 13,000 investors with a total capital pool of $57 million had expressed interest in the Ethereum scaling project SKALE. Around $43 million of that pool was from 4,300 investors who made it through know-your-customer (KYC) checks. Ultimately, SKALE ended up raising $5 million because of regulatory constraints in Liechtenstein, where the nonprofit focused on promoting the SKALE network, the NODE Foundation, is based.

SKALE is a proof-of-stake (PoS) network that aims to run thousands of transactions per second at low cost. Etheruem’s gas fees have skyrocketed in recent months with the network being overwhelmed by demand.

There are more than 50 projects on SKALE that are building and testing, said SKALE CEO Jack O’Holleran. A third of them are decentralized finance (DeFi) projects, another third are gaming projects and the final third are a mixed group.

Activate is part of ConsenSys Codefi, an Ethereum-based operating system for DeFi products. 

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